Centerspace REIT

Centerspace engages in the ownership, management, acquisition, redevelopment, and development of apartment communities. It focuses on making operational enhancements to improve residents experience, redeveloping existing apartment communities to meet market demands and acquiring new apartment communities in the Minneapolis/St. Paul and Denver metropolitan areas. The company was founded on July 31, 1970 and is headquartered in Minot, ND.

Earnings data Q1 2021

Earnings data Q2 2021

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Earnings data Q4 2021

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Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Centerspace REIT (CSR) reports robust Q4 performance and eyes growth opportunities

Centerspace REIT's Q4 2022 performance showcased resilience amidst industry headwinds, with strong financial metrics and strategic capital deployment. The company's focus on stabilizing utility expenses and exploring growth opportunities positions it well for future success.

Centerspace REIT (CSR) reports strong Q1 earnings, focuses on debt management and strategic growth

Centerspace REIT (CSR) showcased robust financial performance in Q1 2023, marked by strong revenue and NOI growth. While challenges in debt management and portfolio redevelopment exist, the company's effective cost control measures and revenue strategies position it well for future growth and value creation.

Centerspace REIT (CSR) reports robust Q2 performance and raises guidance

Centerspace REIT (CSR) delivered a strong Q2 performance with notable Core FFO growth and increased guidance for the year. The company's robust balance sheet, low leverage, and positive outlook for 2023 underscore its resilience and strategic focus amidst market dynamics.

Centerspace REIT (CSR) reports robust Q3 performance and eyes growth opportunities

Centerspace REIT (CSR) delivered strong financial results in Q3 2023, with revenue and core FFO showing significant year-over-year growth.
Despite challenges in rising expenses, the company's strategic focus on acquisitions, sales, and portfolio enhancement positions it well for future success.
With increased guidance for 2023 and a focus on improving market exposure, Centerspace REIT (CSR) is poised for continued growth and value creation.

Centerspace REIT reports solid 2023 performance amidst 2024 growth challenges

Centerspace REIT (CSR) delivered strong financial performance in 2023, marked by core FFO growth and operational stability, supported by strategic portfolio actions.
While facing challenges in achieving targeted core FFO growth in 2024, the company's focus on expense management and revenue optimization presents opportunities for future growth.
Investors can benefit from Centerspace's consistent dividend increases, share buybacks, and proactive approach to portfolio management, signaling a commitment to long-term value creation.

Centerspace REIT (CSR) reports solid Q1 performance and eyes growth opportunities

Centerspace REIT (CSR) delivered a strong performance in Q1 2024, with positive lease-over-lease growth and solid earnings driven by expense management.
While facing challenges in revenue guidance and acquisition competition, the company maintains a flexible balance sheet and focuses on value-add programs.
Opportunities lie in higher lease pricing, stable financing, and strategic capital allocation decisions to drive future growth and financial strength.

Centerspace REIT reports robust Q3 earnings, eyes growth opportunities

Centerspace REIT (CSR) demonstrated strong financial performance in Q3 2024, with a positive outlook for future earnings.
While challenges like market rent softening and Denver market specifics were discussed, opportunities in lease renewals and revenue optimization were highlighted.
The company's strategic acquisitions and financial discipline position it well for continued growth and value creation.

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Centerspace is a real estate investment trust, which engages in the business of owning, managing, acquiring, developing, and redeveloping apartment communities. It operates under the Multifamily and All Other segments. The All Other segment includes non-multifamily properties and non-multifamily components of mixed-use properties. The company was founded on July 31, 1970 and is headquartered in Minot, ND.

Centerspace manages 13,014 apartments with a focus on Minnesota, Colorado, and North Dakota. Q3 2024 per share results were impacted by a capital increase to fund the redemption of the Series C preferred shares. Only 4% of all debt is variable rate, indicating limited benefits from Fed rate cuts.

Centerspace: Attractively Valued Despite Signs Of Moderating Growth

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REITs are poised for growth with stabilizing interest rates, low new supply, and robust balance sheets supporting higher rents and long-term asset growth. Healthcare REITs benefit from strong senior housing demand and limited new supply, despite valuation debates and management changes at Healthcare Realty. Multifamily and single-family rental sectors show regional variability, but long-term growth driven by demographic trends.

Property Type Round-Up From REITworld 2024

MINNEAPOLIS , Dec. 2, 2024 /PRNewswire/ -- NYSE: CSR. Centerspace's Board of Trustees announced today that it has declared a regular quarterly distribution of $0.75 per share/unit, payable on January 13, 2025, to common shareholders and unitholders of record at the close of business on December 30, 2024.

CENTERSPACE ANNOUNCES QUARTERLY DIVIDEND

Centerspace (NYSE:CSR ) Q3 2024 Earnings Conference Call October 29, 2024 10:00 AM ET Company Participants Josh Klaetsch - IR Anne Olson - President and CEO Bhairav Patel - EVP and CFO Grant Campbell - SVP, Investments Conference Call Participants Brad Heffern - RBC Capital Markets John Kim - BMO Capital Markets Connor Mitchell - Piper Sandler Cooper Clark - Wells Fargo Rob Stevenson - Janney Michael Gorman - BTIG Mason Guell - Baird Operator Hello, everyone, and welcome to the Centerspace Q3 2024 Earnings Call. My name is Ezra, and I will be your coordinator today.

Centerspace (CSR) Q3 2024 Earnings Call Transcript

Centerspace (CSR) came out with quarterly funds from operations (FFO) of $1.18 per share, beating the Zacks Consensus Estimate of $1.17 per share. This compares to FFO of $1.20 per share a year ago.

Centerspace (CSR) Q3 FFO Surpass Estimates

MINNEAPOLIS , Oct. 28, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the three and nine months ended September 30, 2024. The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the three and nine months ended September 30, 2024; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods; along with Same-Store Weighted-Average Occupancy and leasing rates for each of the three and applicable nine months ended September 30, 2024, June 30, 2024, and September 30, 2023.

Centerspace Reports Third Quarter 2024 Financial Results and Raises Mid-Point for 2024 Core FFO per Share Guidance

Investors interested in REIT and Equity Trust - Residential stocks are likely familiar with Centerspace (CSR) and American Homes 4 Rent (AMH). But which of these two stocks offers value investors a better bang for their buck right now?

CSR or AMH: Which Is the Better Value Stock Right Now?

Centerspace (CSR) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.

Centerspace (CSR) Forms 'Hammer Chart Pattern': Time for Bottom Fishing?

MINNEAPOLIS , Oct. 7, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) will release its operating results for the quarter ended September 30, 2024, after the market closes on Monday, October 28, 2024. Management will host a conference call to discuss those results on the following day, Tuesday, October 29, 2024, at 10:00 a.m.

CENTERSPACE ANNOUNCES THIRD QUARTER 2024 EARNINGS RELEASE DATE

MINNEAPOLIS , Oct. 2, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) announced that on October 1, 2024, it closed on the acquisition of The Lydian in Denver, CO, for total consideration of $54 million. Centerspace also announced the completed redemption of all outstanding 6.625% Series C Cumulative Redeemable Preferred Shares on September 30, 2024.

CENTERSPACE EXPANDS PRESENCE IN DENVER MARKET & PROVIDES UPDATE ON THIRD QUARTER 2024 BALANCE SHEET ACTIVITY

Centerspace focuses on residential properties in Minnesota and Colorado. Its portfolio should benefit from stable population growth and lower unemployment rates in key markets. With manageable leverage, adequate liquidity, and a well-structured debt maturity profile, Centerspace faces minimal solvency risk and offers an attractive forward AFFO yield.

Centerspace: One Of The Cheapest Multifamily REITs

MINNEAPOLIS , Sept. 3, 2024 /PRNewswire/ -- (NYSE: CSR) Centerspace's (the "Company") Board of Trustees announced today that it has declared a regular quarterly distribution of $0.75 per share/unit, payable on October 10, 2024, to common shareholders and unitholders of record at the close of business on September 30, 2024.

CENTERSPACE ANNOUNCES QUARTERLY DIVIDEND, REDEMPTION OF SERIES C PREFERRED SHARES AND SHARE ISSUANCE UPDATE

Centerspace is a residential REIT focused primarily on Minnesota, Colorado, and North Dakota. The REIT has significantly outperformed the Vanguard Real Estate Index Fund ETF in 2024, delivering a 32% total return. While the stock price rally has reduced the company's sensitivity to Fed rate cuts, it remains attractively valued relative to peers such as Independence Realty Trust.

Centerspace: Increased 2024 Outlook As Occupancy Recovers

MINNEAPOLIS , Aug. 20, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) published its 2024 Environmental, Social, and Governance (ESG) Report, highlighting the company's commitment to sustainable business practices in the multifamily industry. This is the Company's fifth annual report following its 2019 formation of an Environmental, Social, and Governance Committee established to lead identification, implementation, and tracking the progress of various sustainability initiatives.

CENTERSPACE ANNOUNCES FIFTH ANNUAL ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORT

Centerspace (NYSE:CSR ) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET Company Participants Josh Klaetsch - Investor Relations Anne Olson - President and Chief Executive Officer Bhairav Patel - Executive Vice President and Chief Financial Officer Grant Campbell - Senior Vice President, Investments Conference Call Participants Brad Heffern - RBC Capital Markets Rob Stevenson - Janney Connor Mitchell - Piper Sandler John Kim - BMO Capital Markets Mason Guell - Baird Operator Good morning and welcome to Centerspace Quarter Two 2024 Earnings Call. My name is Kiki and I will be your conference call operator today.

Centerspace (CSR) Q2 2024 Earnings Call Transcript

Centerspace (CSR) came out with quarterly funds from operations (FFO) of $1.27 per share, beating the Zacks Consensus Estimate of $1.20 per share. This compares to FFO of $1.28 per share a year ago.

Centerspace (CSR) Surpasses Q2 FFO Estimates

MINNEAPOLIS , July 29, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June 30, 2024. The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the three and six months ended June 30, 2024; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended June 30, 2024, March 31, 2024, and June 30, 2023.

Centerspace Reports Second Quarter 2024 Financial Results and Raises Mid-Point for 2024 Core FFO per Share Guidance

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Apartment REITs have beaten 1Q24 earnings despite a massive new supply wave hitting the sector in 2024 and early 2025. Demand drivers such as strong employment, low savings rate, high cost of houses, and high cost of construction have kept occupancy high despite the supply. Supply growth is dropping in mid-to-late 2025, making investments in the apartment sector appealing for long-term growth potential.

Apartment Fundamental Outlook Improved As Supply Wanes

MINNEAPOLIS , July 9, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today the appointment of Jay Rosenberg to its Board of Trustees on July 8, 2024. Mr. Rosenberg will also serve on Centerspace's Nominating and Corporate Governance Committee.

CENTERSPACE APPOINTS JAY ROSENBERG TO BOARD OF TRUSTEES

MINNEAPOLIS , July 3, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) will release its operating results for the quarter ended June 30, 2024, after the market closes on Monday, July 29, 2024. Management will host a conference call to discuss those results on the following day, Tuesday, July 30, 2024, at 10:00 a.m.

CENTERSPACE ANNOUNCES SECOND QUARTER 2024 EARNINGS RELEASE DATE

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Overall positive outlook for REIT industry with decline in development activity, potential for increased transaction market activity, and well-capitalized REITs poised for growth. Key themes from REITWeek conference: improving transaction market, challenges with development projects, optimism driven by stable-to-improving fundamentals. Actionable ideas from meetings include investing in data centers, cell towers, triple net properties, multifamily, SFR, MH/RV, self-storage, healthcare, industrial, and office sectors.

Equity REITs: Takeaways From REITWeek 2024

Centerspace is a residential REIT with interests in 70 apartment communities, primarily in Minnesota, Colorado and North Dakota. Occupancy is at 94.6%, down 0.3% Y/Y, indicating some distress as the company raises rents. NOI was up 7.5% Y/Y in Q1 2024, with a 3.3% increase expected for the full year as the REIT catches up with expense spending.

Centerspace: Attractive Valuation Despite The Risks

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M/I Homes (MHO), KB Home (KBH) and Centerspace (CSR) are three residential stocks that you can look into as the housing sector stays on a recovery path.

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PARIS LA DÉFENSE--(BUSINESS WIRE)--Regulatory News: Today, Elior Group (Paris:ELIOR) (Euronext Paris – ISIN: FR 0011950732), a world leader in catering and multiservices, is releasing its unaudited results for the first half of the 2023-2024 fiscal year (six months ended March 31, 2024). Initial benefits from our strategy implemented since April 2023 A more agile and efficient Group A return to profitability and growth momentum back on track Robust business development, led by strong customer r.

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U.S. equity markets advanced for a second week while benchmark interest rates retreated from five-month highs after a critical slate of employment data showed a long-awaited cooldown in hiring trends. Foreshadowed by "dovish" remarks from Fed Chair Powell at the FOMC's policy meeting, payrolls data showed that job growth slowed to six-month lows while wage growth cooled to three-year lows. Following its best week since November, the S&P 500 advanced 0.6%, while bonds caught a bid this week across the yield and maturity curve.

The Labor Downshift

News for Centerspace REIT Stock (CSR)